Virginia-based AMF announced the bankruptcy filing and the agreement Tuesday morning. The agreement is with a majority of the company's first lien lenders and the landlord of a majority of its bowling centers.

AMF says in a news release that it expects to complete the restructuring and leave Chapter11 in about five months.

The company says the restructuring will eliminate a significant amount of outstanding debt.

Chief financial officer and chief operating officer Steve Satterwhite says the company needs financial flexibility to improve its bowling centers and make other long-term investments.

Bowling centers will continue normal operations during the restructuring.

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